MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Spot USD/PHP Operates Near 17-Year Highs, Weekend News Flow Adds Little New

PHP

Spot USD/PHP soared to its highest point since 2005 on Friday as Bangko Sentral ng Pilipinas ruled out intervening in support of the currency, noting that it only steps in to curb excessive volatility.

  • Cited remarks from incoming Gov Medalla prompted participants to dump the currency, with the peso facing headwinds from Fed tightening & the Philippines' "twin deficits" (current account & budget balance).
  • Spot USD/PHP last deals at -0.052 at PHP54.938, with the RSI firmly in overbought territory. Bears look for a sell-off past PHP54.000 to get some initial reprieve. Bulls need a clearance of PHP55.000 before targeting the area around PHP 55.900, which capped gains in mid-Oct 2005.
  • USD/PHP 1-month NDF last +0.100 at PHP55.050. Topside focus falls on Friday's high of PHP55.080, followed by Nov 21, 2005 high of PHP56.000. Bears look for a pullback under the PHP54.000 mark.
  • Bank lending data is expected to hit the wires in the coming days, ahead of the release of S&P Global M'fing PMI on Friday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.